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Parents over 80yrs old, income of 350K/yr from rentals, do they need to pay tax?

Posted 18 September 2013

My parents are over 80. The only income they enjoy is from 5 rented cottages on the property where they collect on average ZAR 6000/month. This equates to a total income of around ZAR 350K/yr. They claim they do not need to pay tax on this nor need to complete a tax return!? Is this true?!

They are cashed up, do not have or service any debt. The only significant asset they own is the single property on which they both live and rent the cottages out.

TaxTim TaxTim says:
18 September 2013 at 14:41

Regardless of the ages all income earners over a certain threshold are subject to tax on their earnings. For the 2013 tax year the thresholds based on ages were:

- Persons under 65 years R 63 556
- Persons 65 years and older R 99 056
- Persons 75 years and older R110 889

Furthermore interest earned of R34 500 per annum is also tax free.

These amounts are per taxpayer.

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